Q: I am interested in starting my own business. I have
a business degree and lots of experience in my chosen field,
but I don't know if I have the necessary skills to really
make it on my own. Any advice? - Marie C.
A: You've hit the nail on the head, Marie, because
when you're an entrepreneur it's truly up to you to make it
on your own. Sure, you may have investors and advisors and
employees and friends and family helping you climb the ladder,
but in the end you're the one who walks the high wire alone.
There are a variety of skills you'll need to succeed as an
entrepreneur and chances are do not possess them all. One
of the great things about being an entrepreneur is that if
you lack certain skills you can always hire people with those
skills to help round out your company skill set.
Here are a few of the skills you'll need starting out and
others you can build upon later. Different stages of business
require different skills.
People Skills
Every budding entrepreneur should have good people skills.
The ability to walk into a room and befriend everyone there
is often more important to your business than an investor
with deep pockets. The more you can make people like you,
the more they will want to do business with you.
Networking Skills
Networking is one of the best ways to build partnerships and
find new clients. Networking simply means that you go to functions
that attract the people you need to know. A successful entrepreneur
is also a successful schmoozer. It's the entrepreneurial equivalent
of "kissing babies and shaking hands." Whether it's
the weekly Rotary luncheon or a Chamber function, show up
with a pocketful of business cards and meet as many people
as you can.
Leadership Skills
To be an entrepreneur is to be a leader. Even if you are a
company of one, you must have the skills to take charge and
to lead. It's much easier to learn leadership skills when
you only have yourself to manage. These skills will come in
very handy as you add employees and your business grows.
Management Skills
Management skills encompass a wide variety of tasks, including
managing the daily operation, growth, employees, customer
relations, investor relations, and so on. Poor managers make
for poor entrepreneurs.
Employee Relation Skills
Your employees are one of the most important assets your business
has and it is important that as the boss, you develop a professional
relationship with your employees. It is important that your
employees feel appreciated and you show it financially and
professionally.
Team Building Skills
As your organization grows you must have the ability to build
a team that can take your business to the next level. Your
team not only includes employees, but also partners, your
accountant, your attorney, and investors. Anyone who has the
ability to impact your bottom line and growth should be part
of your team.
Marketing and Sales Skills
Until you grow your business to the point that you can justify
adding a marketing person, it will be up to you to think up
ways to market your business. As I've said before, marketing
is one of the most critical areas of business as getting the
word out to customers is the first step in generating revenue.
Like marketing, selling is vital to the success of your business.
Starting out you will probably be the one making sales calls
and closing deals for your business. You must have the ability
to sit in front of a prospective client and sell them on your
service or product. Many entrepreneurs find this difficult
to do as sales is more art than skill. This is also why one
of your first hires when able should be a good sales person.
Time Management Skills
Unfortunately, there are only so many hours in the day and
for entrepreneurs that means we must manage our time well
or inevitably some things won't get done. I find that it helps
to plan your day the night before. I know before I ever get
to the office what I have to do that day. I know the order
I will do things in. Of course, something always comes up
to throw a monkey wrench in my plan. When the unexpected happens
I try to add it to the next day's schedule. If that's not
possible, I deal with it and then try to get back on track.
That's not always possible, but having a plan certainly helps.
Do you currently have all these skills? Probably not. Very
few people possess them all even after years in business.
Does a lack of these skills mean that you shouldn't start
your own business? Of course not. Entrepreneurial skills can
be learned and improved over time.
